By Joe Udo
PORT HARCOURT (CONVERSEER) — Mama Chioma stares at her empty cooking pot, the midday sun baking the cracked concrete floor of her small shop in Port Harcourt’s Diobu market. The 52-year-old widow, who sells garri and pepper soup to feed her five grandchildren, hasn’t lit her stove in three days. “Petrol for my generator now costs more than all the food I sell in a week,” she says, her voice cracking. “N1,200 per litre? How do I survive?”
Dangote Refinery’s latest hike to N1,175 per litre — the third in seven days — has unleashed chaos on Nigeria’s streets. Retail prices have soared past N1,200 in many areas, forcing families like Mama Chioma’s to ration everything from meals to mobility. The trigger? The Iran War’s stranglehold on the Strait of Hormuz, spiking global oil prices to near $120 per barrel and exposing Nigeria’s fragile economy despite its oil wealth.[1][2]
Across the Niger Delta city, black market queues snake around filling stations, where young men hawk jerrycans at double the pump price. Okada rider Emeka Okoro, 28, idles his motorcycle under a mango tree, engine off to save fuel. “One full tank used to last two days and earn me N10,000,” he explains, wiping sweat from his brow. “Now it costs N12,000 to fill, and passengers can’t pay more. I’ve sent my wife and baby back to the village.” Emeka’s daily earnings have halved, mirroring a 40% drop in ride volumes reported by Port Harcourt’s okada unions.
In Lagos, the effects ripple wider. Factory worker Aisha Bello skips the bus to walk 5 kilometres to her shift at a textile plant, her swollen feet a testament to the N1,100 fare she can no longer afford. “Food prices jumped overnight — rice is N80,000 per bag now, up from N60,000,” she says. Supermarket data from Abuja shows staples like bread and tomatoes up 25-30% as transporters pass on diesel costs, now at N1,620 per litre.[3]
Economists warn of a vicious cycle. “This isn’t just fuel; it’s inflation on steroids,” says Dr Ngozi Eze, a lecturer at Rivers State University. “Energy costs influence transportation, food distribution, and manufacturing — when petrol and diesel rise, the knock-on effects show up in market prices within weeks,” warns an analysis on recent inflation threats.[4] “If PMS hits N1,000, you can imagine what diesel, flight tickets, and everything else will be — it will affect the poor, middle class, and rich,” economist Muda Yusuf cautioned earlier amid the war’s onset.[5]
The National Bureau of Statistics reports urban inflation hitting 28% in February, with March projections nearing 35%.[3] Protests brew in Abuja, where students chant against “oil barons profiting from our pain.”
Yet resilience flickers. In Diobu, neighbours pool money for shared generator shifts, and Mama Chioma’s customers barter farm produce for her dwindling stock. “We Nigerians are survivors,” she says, forcing a smile. “But how long can we bend before we break?”[6]
As the Iran conflict grinds on, ordinary Nigerians brace for more pain. Government subsidies, long phased out, offer no relief, leaving families to navigate a world where filling a tank feels like a luxury.[7]
References
[1] Oil surges for second day, Brent tops $83 after Iran orders Strait of Hormuz closure https://www.cnbc.com/2026/03/03/crude-oil-prices-today-iran-war.html
[2] Again, Dangote refinery raises petrol gantry price as Iran … https://www.premiumtimesng.com/business/business-news/862361-again-dangote-refinery-raises-petrol-gantry-price-as-iran-conflict-rattles-oil-market.html
[3] Businesses brace for inflation surge as petrol hits N1,300/ltr https://punchng.com/businesses-brace-for-inflation-surge-as-petrol-hits-n1300-ltr/
[4] Petrol Prices Jump 13% in 48 Hours, MRS, AP, Other Filling Stations … https://www.legit.ng/business-economy/energy/1699546-petrol-prices-jump-13-48-hours-ap-filling-stations-release-rate/
[5] Petrol Price Hits New High Over Escalating Iran War — Report https://www.channelstv.com/2026/03/03/petrol-price-hits-new-height-over-escalating-iran-war-report/
[6] Economists Commend Dangote Refinery for Averting Fuel Crisis in … https://www.thisdaylive.com/2026/03/07/global-oil-spike-economists-commend-dangote-refinery-for-averting-fuel-crisis-in-nigeria/
[7] Iran-US Conflict May Raise Nigeria’s Fuel Prices – Punch Newspapers https://punchng.com/iran-us-conflict-may-raise-nigerias-fuel-prices/
[8] Fed Govt reviews options as Iran War impact grows https://thenationonlineng.net/fed-govt-reviews-options-as-iran-war-impact-grows/
[9] Dangote refinery increases petrol price to N995 March 6 … – Facebook https://www.facebook.com/goldmyntv/posts/dangote-refinery-increases-petrol-price-to-n995march-6-2026the-dangote-petroleum/1371909051617577/
[10] From January 2026, Petrol in Nigeria May Cost 5% More — Both Local and Imported https://www.youtube.com/watch?v=SxeGLazgZbQ
[11] CBN Predicts Fuel Prices in Nigeria in 2026, Higher Than NNPC’s … https://www.legit.ng/business-economy/money/1691596-cbn-predicts-fuel-prices-nigeria-2026-higher-dangote-nnpc-pump-rates/
[12] Breaking: Dangote Refinery raises petrol price again, Nigerians … https://pmnewsnigeria.com/2026/03/09/breaking-dangote-refinery-raises-petrol-price-again-nigerians-brace-for-fresh-hardship/
[13] How high can oil and gas prices go because of the Iran war? Here are the scenarios https://www.cnbc.com/2026/03/02/iran-oil-gas-prices-strait-hormuz.html
[14] NNPC, Others Hike Petrol Prices For Second Time In Four Days … https://www.facebook.com/groups/1047567455273989/posts/26349770847960301/
[15] How US-Israel war wit Iran dey affect fuel prices for Nigeria – BBC https://www.bbc.com/pidgin/articles/c5y58p893l1o
[16] Dangote’s petrol price increase will affect economy – PETROAN https://21stcenturychronicle.com/dangotes-petrol-price-increase-will-affect-economy-petroan/
[17] US-Iran war: Marketers, Dangote trade words over petrol price https://punchng.com/us-iran-war-marketers-dangote-trade-words-over-petrol-price/
